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ABC Company Income Statement For the Year Ended December 31 ABC Company Balance Sheet As of December 31 $2,700,000 Selected balances at the beginning of
ABC Company Income Statement For the Year Ended December 31 ABC Company Balance Sheet As of December 31 $2,700,000 Selected balances at the beginning of the year (January 1) 160,000 280,000 1,200,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes (40%) Net income before taxes Current assets Cash Accounts receivable, net Inventory ?Accounts receivable Inventory ? Total assets Total current assets Plant and equipment, net Total assets 45,000 PSelected financia ratios computed from the financiol statements at the left Current ratio 2.40 1.12 15.0 6.0 0.875 7.0 4.05 14% Acid-test ratio Current liabilities Bonds payable, 10% Total liabilities Stockholders' equity 250,000Accounts receivable turnover ?Inventory turnover Debt-to-equity ratio Times earned ratio Earnings per share Return on total assets Common stock, $2.50 par Retained earnings Total stockholders equity Total liabilities and stockholders' equity Other given data The interest expense on the income statement relates to the bonds 1 payable; the amount of bonds outstanding did not change throughout the year There were no changes in the number of shares of common stock outstanding durine the year 3All sales during the year were on account 3 USE THE DATA ON THE TAB LABELED "GIVEN" AND On the tab labeled "SOLUTION", compute the financial statements. (if cell C6 on the tabs labeled "GIVEN" and "SOLUTION" contains a " ?", replace the "?" on the tab labeled "SOLUTION" with the Excel formul The financial statements have been duplicated on the tab labeled "SOLUTION" amounts that are represented with"" on the company's or function that returns your answer.)
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